But the city of Goshen, Elkhart County and the Elkhart, Concord and Goshen school districts would also see losses in the millions and it’s got local officials bracing themselves. They’re worried about dwindling revenue sources, questioning the wisdom of Pence’s plan, wondering if they’ll have to tap rainy day funds again or scale back services.

On top of losses in recent years stemming from caps on real property taxes, the loss of personal property tax revenue would create “an impossible situation,” said Elkhart County Commissioner Mike Yoder. Elkhart County government stands to lose $2.39 million in 2015 if the personal property tax is eliminated, on top of $4.58 million in tax cap losses.

The governor’s proposal is “very, very concerning,” said Wayne Stubbs, superintendent of Concord Community Schools, which, like other school districts, has already faced some serious belt-tightening. The Concord district would lose $1.53 million in personal property tax revenue next year, on top of $4.32 million in tax cap losses.

By eliminating the personal property tax — and thus reducing the cost to do business here — Pence aims to spur business growth in the state. Unlike real property taxes, applicable to land and buildings, the personal property tax applies to business machinery and equipment, and in 2015, if left alone, it will generate an estimated $1.06 billion statewide, according to the LSA.

Pence’s proposal, which has generated plenty of questions and debate, still has to be fleshed out during the state legislative session, which starts Monday, Jan. 6. There’s been discussion of some sort of provision to offset the losses local governmental units would experience, but nothing formal. On its own, though, eliminating the tax — partially countered by corresponding increases in real property taxes — would lead to a collective loss of $687.16 million by local governmental units across the state, LSA numbers show.

The $23.04 million estimated loss by Elkhart County governmental units is the seventh biggest dollar amount among Indiana’s 92 counties.

The loss of personal property tax funds on top of tax cap losses, Yoder worries, would force Elkhart County government to wipe out its already-dwindling rainy day fund, meant to cover emergencies. It would make the county divert yet more economic development income tax funding from its intended use, road maintenance.

State Rep. Tim Neese has heard from business operators who favor the governor’s proposal. The cut would mean more money in their pockets. He’s also heard from elected officials in Elkhart County critical of the plan, “and I understand that opposition,” he said.

Neese, an Elkhart Republican, awaits more information on the gubernatorial proposal before offering a firmer position, and other lawmakers, likewise, seek more concrete details. Still, there seem to be plenty of doubts and question marks.

Indiana Sen. Carlin Yoder, a Middlebury Republican, doesn’t think local governmental units are “in any shape to lose that money.” Likewise, Rep. Rebecca Kubacki, a Syracuse Republican, said she’s “very sympathetic to our mayors and county council,” alluding to the concerns they’ve expressed to her.

If it’s a matter of replacing local government’s lost personal property tax funds with money diverted from another source, Carlin Yoder wonders what the point is, a view echoed by Rep. Wes Culver.

“If it’s a swap, I think it’s a waste of time,” said Culver, a Goshen Republican. Culver, moreover, questions Pence’s contention that eliminating the tax will spur business growth and wonders where the proof is.